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<p>The UK’s openness and status as a global financial centre exposes it to the risk
of illicit financial flows.</p><p> </p><p>The UK’s National Risk Assessment 2017 assessed
that retail banking, wholesale banking, capital markets and wealth management are
all exposed to high money laundering risks. This assessment can be viewed online.</p><p>
</p><p>This government is committed to ensuring the UK’s financial system is hostile
to illicit finance, and is taking action to protect the integrity of the UK financial
system.</p><p> </p><p>This includes introducing the Criminal Finances Act 2017 to
enhance law enforcement’s powers to investigate and tackle financial crime, and comprehensively
updating the Money Laundering Regulations to bring them in line with the latest international
standards.</p><p> </p><p>The Financial Conduct Authority (FCA), which supervises financial
institutions conducts regular, detailed AML inspections of the major retail and investment
banks operating in the UK. Where financial institutions fall short of their legal
and regulatory obligations, the FCA has taken tough action.</p><p> </p>
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